https://www.taxtmi.com/caselaws?id=53158 Notification No. 18/90-C.E. (N.T.) governed the utilisation of Modvat credit for duty payment and did not, by itself, reduce the quantum of credit earned on receipt of inputs unless it expressly said so. Clause (2) of the fourth proviso was treated as regulating the rate of credit available for clearances after 16-05-1990, rather than retrospectively limiting credit already accrued on earlier input receipts. On that basis, credit at Rs. 5.25 per sq. mtr. was available for post-notification clearances, and the contrary demand and penalty were not sustainable. en-us Fri, 23 Jan 2004 00:00:00 +0530 Mon, 11 Oct 2010 12:59:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53158 Notification No. 18/90-C.E. (N.T.) governed the utilisation of Modvat credit for duty payment and did not, by itself, reduce the quantum of credit earned on receipt of inputs unless it expressly said so. Clause (2) of the fourth proviso was treated as regulating the rate of credit available for clearances after 16-05-1990, rather than retrospectively limiting credit already accrued on earlier input receipts. On that basis, credit at Rs. 5.25 per sq. mtr. was available for post-notification clearances, and the contrary demand and penalty were not sustainable. Case-Laws Central Excise Fri, 23 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53158